https://www.taxtmi.com/caselaws?id=330501 The High Court upheld the decisions of the appellate authority and the Tribunal, dismissing the Revenue's appeals. It was determined that the profit from the sale of land by the trust, primarily engaged in educational activities, was not classified as business income but rather incidental to its charitable objectives. As the proceeds were utilized for charitable purposes and separate accounts were maintained, the profit was deemed eligible for exemption under Section 11 read with Section 2(15) of the Income-Tax Act. The Court ruled in favor of the trust, affirming the non-taxable status of the profit from land sales. en-us Thu, 14 Jul 2016 00:00:00 +0530 Sat, 18 Nov 2017 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330501 The High Court upheld the decisions of the appellate authority and the Tribunal, dismissing the Revenue's appeals. It was determined that the profit from the sale of land by the trust, primarily engaged in educational activities, was not classified as business income but rather incidental to its charitable objectives. As the proceeds were utilized for charitable purposes and separate accounts were maintained, the profit was deemed eligible for exemption under Section 11 read with Section 2(15) of the Income-Tax Act. The Court ruled in favor of the trust, affirming the non-taxable status of the profit from land sales. Case-Laws Income Tax Thu, 14 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330501